I must say I am very impressed with the graphics quality on my "old" PC.
The specs on the 4 year old PC:
P4 2.8 ghz (single core of course, dual core didn't exist yet)
2 gigs of RAM (if anything i think this makes a big difference)
Windows XP
ATI x800 GTO 256 meg AGP*
* Video card is an upgrade but still over 2 years old. Got it to play Oblivion.
Running the game at 1440x900 on my widescreen LCD.
Have all the graphic settings at high with Planets at highest and the "extras" at highest.
Game runs real smooth after it's a bit choppy in the setup screen (probably loading up the textures into memory). Biggest thing I had going on at once was a pretty built up planet with about 8 orbital structures and being attacked by the pirates with about a dozen ships per side. Not a single slow down and things looked great. I'm going to bump everything up to highest tonight and see what happens. Now late game perhaps I'll get some slowdowns but it might be a while since I'm a noob.
But I wanted to post that for those wondering if their rig can handle this game that you don't need the latest and greatest to still run smooth and have it look great.
Ironclad did a fantastic job on this, they really did.